The New Year often brings hope for fresh beginnings and a renewed sense of purpose. But for many, it can also bring financial worries and debt concerns.
In the New Year, people tend to reflect on the past months and make resolutions for the future, whether it's about health, relationships, or personal growth. But, for many, money worries reign. Of those that make New Year’s resolutions, 49% say they wish to save more money (YouGov).
As the holiday season comes to an end, the reality of increased expenses and credit card bills sets in. The joy and excitement of gift-giving and celebrations may have led to overspending, causing a financial burden that now needs to be addressed. Already a struggle, rent or mortgage payments, utility bills, and other monthly expenses continue to add up. This sudden reality can dampen spirits and create anxiety about how to manage money and repay debts.
For those in debt, the strain can feel suffocating. The constant pressure to make ends meet and the fear of falling further behind can take a toll on mental and emotional well-being. It is during this time that people look for guidance and support.
This is where Pound Advice steps in. In partnership with L&Q, one of the UK's leading housing associations, Pound Advice provides money and debt support to L&Q residents.
Pound Advice is a programme under our financial skills service that provides access to experienced financial advisors who offer personalised advice based on individual circumstances and goals. They can answer questions and provide advice and guidance for:
Building a Budget: Pound Advice helps residents create a realistic budget, allowing them to track income and expenses, identify areas where they can cut back, and find ways to save more.
Saving and Investing: Pound Advice shows residents how to establish an emergency fund, save for short and long-term goals, and invest wisely to grow their money.
Debt Management: If residents are struggling with debt, Pound Advice provides practical advice for managing and reducing debt levels. Advisors guide them on how to repay their debts, negotiate with creditors, and create a repayment plan that works for them.
Financial Literacy: Pound Advice is designed to improve financial literacy. By understanding the financial world better, residents can make informed decisions about their money, avoid common pitfalls, and take advantage of opportunities to grow their income.
Applying for entitled benefits and grants: Pound Advice provides expert advice on what benefits and grants residents may be eligible for. Advisors assist residents in completing the application forms, ensuring that the forms are filled out accurately, reducing the chances of delays or rejections. If residents are also struggling to access and/or complete digital forms, we can provide an Assisted Digital service to support them.
Planning for the Future: Pound Advice can provide advice on everything from pensions and retirement planning to real estate investment and tax-efficient savings.
This support has given L&Q residents the tools and knowledge to take control of their finances, leading to a significant reduction in debt levels and an increase in disposable income.
In 2023, L&Q residents who received support from Pound Advice gained an average of £2,988.
The extra pounds in pockets carry significant impact. The extra pounds mean the difference between struggling to make ends meet and having a financial cushion. The extra pounds equate to bus or train fare for daily commute, the ability to pay bills on time, and even the chance to start saving for future needs, special purchases, or unforeseen emergencies. And extra pounds also translate to financial stability, reduced anxiety and peace of mind, as well as a genuine chance for people and families to secure a better future.
Since partnering with L&Q four and a half years ago, we have managed to put a staggering £42 million back into the pockets of their residents.
As we step into the New Year, we remain committed to providing effective financial advice and practical financial skills. We believe that everyone should have the opportunity to manage their money successfully, and we are here to help make that a reality.
Contact us here if you want to support your customers with our financial skills service.
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